Buying your first home is an exciting and major milestone, but it can also be a complex and stressful process. From finding out how much you can borrow and choosing the right bank, to saving for a deposit and completing the necessary checks – and then, of course, there’s finding your dream home.
One of the most frequent questions we were asked by first-time buyers at the London Home Show on 2nd April, was to explain the mortgage process when buying a home.
To help, we have put together a step-by-step guide to help first-time buyers get that all-important foot on the property ladder, with as much ease as possible.
- 1. Check how much you can borrow
Reach out to a mortgage broker like Knight Frank Finance early on in your property search. We can help you find out how much you can borrow and talk you through the costs of buying a property. This is a no-obligation call and is often as quick as 10 minutes.
Once you’ve found your dream home, it’s useful to secure an Agreement in Principle. This details how much a lender is willing to offer you and is a good way of showing a seller that you’re committed.
As a whole of market broker, we have access to all the major lenders in the market and know their lending criteria inside and out. This means we would be able to secure the most competitive terms with the right lender for you.
- 3. Submit your mortgage application
At this stage, the lender will carry out a more thorough check of your application and look through your finances for proof of income. From there, a surveyor will be instructed to value the property to make sure it’s worth what you’re paying for it.
To reduce the stress, this whole process can be handled by us, from speaking to the lender and providing them with the required legal documents, to submitting your mortgage application. We will also keep in regular contact, so you're informed.
A few more checks will happen in the background. A conveyancer will be instructed to carry out the necessary legal aspects of buying the property, checking contracts, and finalising stamp duty.
Again, a mortgage broker can look after this process for you, including liaising with the conveyancer and looking over their propositions on your behalf.
Once all background checks are complete, contracts have been exchanged and a completion date is in place, the property is yours!
If there are any complications during the process, we will step in to ensure your purchase is successful.
If you are looking for mortgage advice to buy your first home, get in touch with one of our expert brokers at Knight Frank Finance to discuss your options. Call us on
020 7268 2580 or email new.homes@knightfrankfinance.com